Anis Ur Rehman v. Mohd. Tahir (2019) 261 Taxman 488 (Delhi)(HC)

S. 2(9) : Benami transaction- Defining expressions fiduciary capacity and trustee, it is not as if any vested right existing under earlier provisions of section 4(3) is taken away. [S. 4(3)]

By provisions of section 2(9) of Amended Act, expressions HUF, fiduciary capacity and trustee have been defined, giving them meaning which law required, and this was done to remove any doubt or confusion with respect to meaning of expressions fiduciary capacity and trustee as found in repealed provisions of section 4(3) of unamended Act; therefore, by defining expressions fiduciary capacity and trustee, it is not as if any vested right existing under earlier provisions of section 4(3) is taken away. Therefore definitions of exempted transactions to prohibited benami property transactions, and now contained in four exceptions in section 2(9) were always deemed to have been included in exceptions to prohibited benami transactions.